News
Mayoral Mayhem
February 16, 2011
| Election day is a week away, and although the Metropolitan Planning Council's Peter Skosey can't officially endorse anyone, he sat down with us to talk about some of the issues that might be relevant to commercial real estate pros. | |
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| He says that Chicago has lost a lot of population over the last 50 years, shrinking from 3.5M people in the '50s to just 2.9M today. That means there's room for redevelopment in some neighborhoods, which the candidates really haven't addressed. Rahm Emanuel has campaigned for more transit-oriented development, which Peter says would promote transportation and neighborhood growth. Gery Chicohas supported growth in the manufacturing and industrial areas to promote jobs—this could also work toward leasing up buildings in the city's aging industrial corridors. | |
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| Another key issue will be transportation. Rahm has stated that it's a priority to get the Red Line to extend past 95th Street down to theFar South Side. Peter is somewhat concerned about the CTA's lack of funding, part of which comes from real estate transfer taxes. Speaking of taxes, the much-debated Rahm tax may not really drive businesses out of the city, Peter says, because it will most likely affect higher-income individuals using luxury service items like health clubs or limos. Peter hopes the next mayor will keep Daley'spro-business approach as well as his cooperation with suburban governments to keep the northeast Illinois region strong. |
